The New York Institute of Finance has expressed its readiness to partner with the Chartered Institute of Stockbrokers to promote capacity building in the Nigerian Stock Exchange.

The Managing Director/Chief Executive Officer, NYIF, Mr. Patrick Fitzgerald stated this during a courtesy visit to the trading floor of the NSE in Lagos on Tuesday.

He said that both institutes had been in a series of talks and had been involved in strategic meetings aimed at growing and improving the output of operators at the Exchange, adding that this would in turn improve activities in the NSE.

He explained that the NYIF, which had been in existence for about 92 years, has built a Global Learning Institute, where working professionals come together to study, work and exchange ideas and information regarding financial products; as well as discuss legal and regulatory issues affecting the global financial market.

“With the long history of successes that the NSE has achieved in the last few years, we at the NYIF look forward to partnering with the CIS to ensure that more successes are even achieved,” he said.

The Chairman, Trust Yields Securities Limited, Mr. Rasheed Yussuff, commended the NYIF for being instrumental in the training of financial experts in New York.

He said, “We are aware that the NYIF has a great influence in the economic activities of America, and we hope that this partnership, which is about to begin with our institute, will result in a similar situation when the Lagos exchange would have a great influence on the economy of Africa.

“We are, therefore, of the belief that with the collaboration of the two institutes, the performance of the Nigerian capital market would be boosted.”

He said that NYIF and CIS should fashion out a similar model, whereby a broker here in Nigeria can be linked through NYIF to explore the potentials in the Nigerian capital market.

 The President of CIS, Mr. Ariyo Olushekun, said the relationship between CIS and NYIF started in 2009 during the reactivation of the bond market in Nigeria.

He said the CIS had taken 27 brokers to New York for fixed income and alternative investment training.

He, however, noted that due to the market melt-down in 2009 and 2010, the relationship was withheld.

“However, we are excited to note that with the recovery that has been sweeping through major capital markets in the last few years, both institutes have reached an understanding that CIS and NYIF will partner, whereby the CIS will be the outpost for NYIF not just in Nigeria, but in Africa,” he stated.

He said the Memorandum of Understanding was still in progress.

Source: Punch (by udeme Ekwere)